As Fed hikes rates to highest since 2008, Bitcoin and gold shine amid banking crisis

quick take

• The Fed’s 25bps rate hike was expected and, in a hawkish tone, he said, “may justify further policy tightening.”
• This brought the federal funds rate to 5.00-5.25%, the highest level since the 2008 GFC.
• After Powell’s speech, a series of spectacular bankruptcies followed, and PacWest was more than halved in long-term trading as news of strategic options including a sale was announced.
• During this current banking crisis, Bitcoin has regained $29,000 while gold hits new all-time highs.

Post As the Federal Reserve hikes interest rates to its highest level since 2008, Bitcoin and gold shine amidst the banking crisis, making their first appearance on CryptoSlate.